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RUE > SEC Filings for RUE > Form 8-K on 26-Sep-2013All Recent SEC Filings

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Form 8-K for RUE21, INC.


26-Sep-2013

Regulation FD Disclosure


Item 7.01. Regulation FD Disclosure

rue21, inc. ("rue21" or the "Company") is disclosing the following information , which has not been previously reported and may be provided to prospective lenders in connection with the financing of the transactions contemplated by the previously announced merger agreement, dated as of May 23, 2013, by and among the Company, Rhodes Holdco, Inc., and Rhodes Merger Sub, Inc., a wholly-owned subsidiary of Rhodes Holdco, Inc. Rhodes Holdco, Inc. and Rhodes Merger Sub, Inc. are beneficially owned by affiliates of funds advised by Apax Partners, L.P.

The soft sales pattern seen in Fiscal August is continuing in the third quarter to date with comparable store sales down 9.5% through September 24th (1). To date in Fiscal September, which began September 1, 2013 and will end on October 5, 2013, comparable store sales were down 12.8% (1). Compared to the comparable periods of last year, total sales for the third quarter to date are up 2.3% and for Fiscal September to date are down 1.3% (1).

In Fiscal September, the Company anticipates merchandise margin improvement relative to last year to continue the trend set in Fiscal August. Inventory levels and promotions have been managed to lower sales expectations since the end of the second quarter resulting in a 200 basis points improvement in merchandise margin in Fiscal August and the expectation for an approximate 150 basis points improvement in Fiscal September.

As of the end of week three of the five week month of Fiscal September, inventory levels including inventory on-order, were up by only mid-single digits compared to an increase of approximately 16% square footage growth due to a larger store base of 120 more stores compared to the same week in the prior year.

(1) The company uses a retail industry standard 52/53 week fiscal year accounting calendar and is in the midst of a fiscal year following a 53 week fiscal year. Accordingly, we are measuring our comparable store sales performance and trends using a one-week shifted prior year calendar for comparison purposes. The shifted prior year calendar does not align with our prior year fiscal accounting periods.

The financial data presented above is preliminary, based upon our estimates, and are subject to revision based upon our financial closing procedures and the completion of our financial statement. Our actual results may be materially different from our estimates. In addition, these estimated results are not necessarily indicative of our results for the third quarter, the full fiscal year or any future period. The preliminary financial data included above has been prepared by, and is the responsibility of, management.

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